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7.1 HRSR 04-06-2015
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7.1 HRSR 04-06-2015
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City Government
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HRSR
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4/6/2015
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I. POLICY PURPOSE <br />For the purposes of this document, the term "City "shall include the Elk River City Council, Economic <br />Development Authority, and Housing and RedevelopmentAuthorzty. <br />The purpose of this policy is to establish the City of Elk River's position relating to the <br />use of Tax Increment Financing (TIF) for Housing projects private development above <br />and beyond the requirements and limitations set forth by State Law. This policy shall be <br />used as a guide in the processing and review of applications requesting tax increment <br />assistance. The fundamental purpose of tax increment financing in Elk River is to <br />encourage desirable development or redevelopment that would not otherwise occur but <br />for the assistance provided through TIF. <br />The City of Elk River is granted the power to utilize TIF by the Minnesota Tax <br />Increment Financing Act, as amended. It is the intent of the City to provide the <br />minimum amount of TIF, as well as other incentives, at the shortest term required for <br />the project to proceed. The City reserves the right to approve or reject projects on a <br />case by case basis, taking into consideration established policies, project criteria, and <br />demand on city services in relation to the potential benefits from the project. Meeting <br />policy criteria does not guarantee the award of TIF to the project. Approval or denial of <br />one project is not intended to set precedent for approval or denial of another project. <br />II. OBJECTIVES OF TAX INCREMENT FINANCING <br />As a matter of adopted policy, the City will consider using TIF for Housing to assist <br />private development projects to achieve one or more of the following objectives: <br />• To retain local jobs and /or increase the number and diversity of jobs that offer <br />stable employment and /or attractive wages and benefits as defined in the City's <br />Business Subsidy Policy. <br />• To encourage additional unsubsidized private development in the area, either <br />directly or indirectly through "spin off' development. <br />• To facilitate the development process and to achieve development on sites <br />which would not be developed without TIF assistance. <br />• To remove blight and /or encourage redevelopment of commercial and <br />industrial residential areas in the city that result in high quality redevelopment <br />and private reinvestment. <br />• To offset increased costs of redevelopment (i.e. contaminated site clean up) <br />over and above the costs normally incurred in development. <br />• To create opportunities for affordable housing. <br />• To contribute to the implementation of other public policies, as adopted by the <br />city from time to time, such as the promotion of quality urban or architectural <br />design, energy conservation, and decreasing capital and /or operating costs of <br />local government. <br />City of Elk River Tax Increment Financing Policy & Application- Housing p p w E A E @ B 1 <br />Amended DATE <br />Page 3 of 16 NATURE <br />
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